Meet Our Donors

John McDonald '61

"We have had Mount Carmel in our will for some time. It was a natural thing to do in return for all I gained from my association with the school. The instruction, the friends, the fact that as an institution, Mount Carmel hasn't missed a beat in its drive to produce quality young men is all important to us.

Recently we were doing an update of our estate plan and shifted a long standing gift to Mount Carmel from our will to a role as a secondary beneficiary of an IRA account on the advice of our attorney. We have lived out of state for some time and since I was assigned back home to Chicago at the end of my career I have had a chance to better keep up to date on the school and its efforts. I am amazed at the progress in expanding the campus and the continuation of a strong educational focus. Both my brother and I gained from our time at Mount Carmel. Supporting scholarships in honor of our family was an easy decision for my wife and me. We owe quite a bit to Our Lady of Mount Carmel."

A Seemingly Small Decision Makes a Huge Impact

Years ago, when preparing his will, Daniel Ledo '37 quietly made a decision that would eventually have a transformational effect on thousands of young men. His decision to include Mount Carmel in his estate plans has brought hope in the form of financial aid to hard-working families that were faced with the possibility of leaving Mount Carmel. It allowed the school to purchase state-of-the-art smart boards for the classrooms. It helped shape the future through campus renovations that will provide facilities for the next generations of Carmel men. Daniel clarified his wishes, which eased the process of settling his estate on his family, and was able to make an impact on an institution that he loved. Becoming a member of the Saint Albert Society can make this dream a reality for all of our alumni and friends.

Young Alumni Making Big Impact — And You Can Too

Patrick Joyce 2001 comes from a true Mount Carmel family. His grandfather graduated in the Class of 1939, his father graduated in the class of 1969, his brothers graduated from Mount Carmel, including his twin, Mike, in his class. In addition, he has numerous uncles and cousins who have walked the halls at 6410, including coaches Frank and David Lenti.

Given their family history, it was no real surprise that Pat wanted to make an impact on the institution he loves. "I am 33 and I just made a 6 figure gift to Mount Carmel. I asked myself the question, how can I have the greatest impact on Mount Carmel? I have been blessed to be part of a place that teaches boys how to become men and instills values and beliefs that teach us to focus on the important things in life — God, Family, and community." Like many alumni, Pat was not in a position to simply write a big check to the school.

Through his work at Northwestern Mutual, Joyce was able to find a way to make his dream a reality—and is hoping other alumni consider doing the same. As a healthy 33 year old, he was able to take out a life insurance policy on himself and make Mount Carmel the owner, payer and beneficiary. Depending on how long he lives, the gift will be worth more than $100,000 up to as much as $500,000. The policy costs $1500 per year, which Joyce sends to the school. The school then pays the policy, and he receives tax credit for his gift.

A life insurance policy is a tremendous opportunity that many of our alumni never think of. Currently, there are only a handful of life insurance policies known that are set up with the school as the beneficiary. Joyce is already looking to boost that number, as he has recruited friend and 2005 graduate Phil Caruso to create a similar policy.

These gifts, along with other planned giving opportunities are set up to benfit the Mount Carmel Educational Foundation, which invests funds in order to ensure support for the school in perpetuity. The Foundation currently donates to the school in order to help fund the difference between the cost of tuition and the actual cost of a Mount Carmel education.

"One reason I have chosen to make this gift is because of the impact Mount Carmel has had on my life and the lives of so many Carmel men since its inception in 1900. I would not be the person I am today without MC and my family." His gift will now impact generations of Mount Carmel students to come.

To explore whether a gift of life insurance is right for you, contact Michael Holland at mholland@mchs.org or 773-359-0485.

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Mount Carmel Educational Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Sample Bequest Language

I give [describe dollar amount, property to be given, or proportion of residuary estate] to the Mount Carmel Educational Foundation, Inc., an Illinois not for profit corporation, to be used for the benefit of Mount Carmel High School for its instructional and other programs.

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Mount Carmel or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Mount Carmel as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Mount Carmel as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Mount Carmel where you agree to make a gift to Mount Carmel and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.